Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.
Petrol and diesel fall in GST, 0.4% loss to GDP
Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.
Saudi Arabia turned down India's request
Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.
Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.
There has been an increase of 16.6 percent in the Goods and Services Tax collection in October. A
In Mangaluru, a police officer caught the thief in a filmy style. They ran after him to catch the
We have all seen heart-wrenching pictures of migrants returning home from big cities after a sudd
Maharashtra Board: Maharashtra Board class 12th exams start in offline mode, here are the guidelines
Maharashtra State Board of Secondary and Higher Secondary Education (MSBSHSE) 12th examinations h
Salaar Release Date: Prabhas will compete with Shah Rukh Khan, 'Salaar''s new release date announced
Salaar Prabhas Movie Release Date: A big update is coming out about South Cinema superstar Prabha
Defence Minister Rajnath Singh said he was deeply saddened by the martyrdom of four Army personne
After meeting India's Foreign Secretary Vikram Misri, Bangladesh's Mohammad Yunus government has
Team India, who won 2 consecutive victories in the T20 World Cup, lost the third match against So
The Election Commission will issue a notification today for the second phase of the Lok Sabha ele
His coach also has a big hand during the performance of Rahul Teotia, who became the hero after s
